Sales at Pop Mart, maker of the famous Labubu dolls, have come surging back. This growth has catapulted the company to an enviable position in the national retail landscape. The pandemic propelled the company’s global revenue up by nearly 250% in the quarter that ended in September. That’s phenomenal growth, especially compared to this time last year. That’s some truly phenomenal growth, coming right after the mid-August launch of mini versions of the Labubu dolls, too! These narrative-driven mini dolls have been a phenomenal success, especially here in the United States.
Ever since their introduction in 2019, Labubu dolls have enticed consumers with their special monster-inspired aesthetic. The dolls have been a massive hit with toy collectors from coast to coast. They’ve even attracted the likes of Taylor Swift, increasing their demand even further! Labubu has been endorsed by prominent figures such as Kim Kardashian and Lisa from Blackpink. Consumer support generated by their original advocacy helped propel the brand to huge popularity, especially in the U.S. market.
With more than 2,000 of their branded vending machines and stores around the globe, it’s a powerful method that allows the brand to be easily accessible to millions. In part, that’s due to the company’s ambitious strategy to grow beyond China’s borders. Revenue has increased dramatically throughout the country! In the United States, revenue increased by over 1,200%, and European gross sales increased by over 700%. This global expansion has been integral to Pop Mart’s impressive revenue growth.
This introduction of mini versions of the Labubu dolls have truly taken things up a notch. These pint-sized counterparts have struck a chord with consumers eager for things to collect, leading to a dramatic increase in sales. Following this launch, Pop Mart’s shares gained more than 5.5% on the Hong Kong stock exchange, reflecting investor confidence in the company’s future prospects. At the time of writing, Pop Mart had a stock market valuation of about $45.5 billion (£34 billion).